Evaluation of macroeconomic outcomes and the seven-year membership of Croatia in the European Union

The paper evaluates the Croatia 's seven-year membership in the European Union based on selected macroeconomic indicators by using a methodological approach, counterfactual analysis, and a synthetic control method. The results showed that the effect of the accession stimulated the economic grow...

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Bibliographic Details
Published inPublic sector economics Vol. 46; no. 1; pp. 1 - 42
Main Author Rukavina, Ivana
Format Journal Article
LanguageEnglish
Published Zagreb Institute of Public Finance 01.03.2022
Subjects
Accession
Aggregate demand
Agricultural production
Agriculture
Consumption
COVID-19
Economic growth
Economic integration
EU membership
Expenditures
Exports
GDP
Government spending
Gross Domestic Product
Growth models
International trade
Macroeconomics
Productivity
Savings
Croatia
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Summary:The paper evaluates the Croatia 's seven-year membership in the European Union based on selected macroeconomic indicators by using a methodological approach, counterfactual analysis, and a synthetic control method. The results showed that the effect of the accession stimulated the economic growth and components of aggregate demand, income, savings and sectoral productivity. Also, strong disturbances with the onset of the crisis in 2009 were detected, the effects ofwhich ultimately had a negative consequence in terms of more successful economic integration. Accession to the EU halted the dedine in macroeconomic indicators and began a mild, but still insufficient recovery. The research confirms a strong trend of export development after 2013, a strong turn and increase in savings, a strong and significant decline in the value added of the agriculture sector as well as not recovered consumption. Also, the positive effect in the reduction of government expenditures is expressed.
ISSN:2459-8860
DOI:10.3326/pse.46.1.1